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Nudge is a toolkit to help businesses to get a better understanding of how customers are engaging. That feedback loop helps them make better decisions to improve effectiveness and efficiency.
The ways Nudge pays for itself is through time saving for the folks using the technology. Enabling them to get to insights and action faster. And encouraging more use of data in their workflows through the easy to use dashboard.
Once these are actioned, an improvement of a 5-15% on your results, helps Nudge pay for itself. However typically we see users can find 15% improvement from the insights in the first 90 days.
The back of the envelope calculation is is, if you take the value of whatever you are measuring and increase it 15-22%.
That will give you an idea of the additional value from Nudge. That value comes from, improving the work, reducing wasted spend, driving more traffic and conversions.
The level of analytics maturity does impact the scale of ROI, higher level of maturity means a lower relative improvement closer to the 15% end, whereas those with lower maturity, have the most to gain at the upper end of that range.
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